ESAF Small Finance Bank Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: April 11, 2025, 11:28 pm

Market Cap	1,393 Cr.
Current Price	27.1
High / Low	64.5/24.3
Stock P/E
Book Value	45.3
Dividend Yield	2.58 %
ROCE	8.91 %
ROE	20.2 %
Face Value	10.0
PEG Ratio	0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for ESAF Small Finance Bank Ltd

Competitors of ESAF Small Finance Bank Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
ESAF Small Finance Bank Ltd	1,393 Cr.	27.1	64.5/24.3		45.3	2.58 %	8.91 %	20.2 %	10.0
Industry Average	1,393.00 Cr	27.10		0	45.30	2.58%	8.91%	20.20%	10.00

All Competitor Stocks of ESAF Small Finance Bank Ltd

Quarterly Result

Metric	Mar 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Revenue	385	598	690	688	701	774	899	943	974	1,002	1,022	996	950
Interest	178	220	242	251	250	275	313	347	377	411	434	456	463
Expenses	198	285	355	425	481	457	505	487	567	682	619	834	881
Financing Profit	10	92	94	12	-30	42	81	109	30	-91	-30	-293	-394
Financing Margin %	2%	15%	14%	2%	-4%	5%	9%	12%	3%	-9%	-3%	-29%	-42%
Other Income	48	49	48	65	81	94	93	79	120	150	115	39	112
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	57	141	142	77	51	136	174	188	150	59	85	-255	-282
Tax %	24%	25%	25%	25%	27%	26%	25%	26%	25%	26%	26%	-25%	-25%
Net Profit	43	106	106	58	37	101	130	140	112	43	63	-190	-211
EPS in Rs	0.96	2.35	2.36	1.28	0.83	2.26	2.89	3.12	2.18	0.84	1.22	-3.69	-4.09
Gross NPA %	6.70%	7.83%	6.16%	8.11%	7.24%	2.49%	1.65%	2.64%	4.16%	4.76%	6.61%	6.98%	6.96%
Net NPA %	3.88%	3.92%	3.78%	4.34%	3.73%	1.13%	0.81%	1.19%	2.19%	2.26%	3.22%	2.98%	2.97%

Last Updated: March 4, 2025, 12:23 pm

Below is a detailed analysis of the quarterly data for ESAF Small Finance Bank Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Interest, as of Dec 2024, the value is 463.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 456.00 Cr. (Sep 2024) to 463.00 Cr., marking an increase of 7.00 Cr..
For Expenses, as of Dec 2024, the value is 881.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 834.00 Cr. (Sep 2024) to 881.00 Cr., marking an increase of 47.00 Cr..
For Other Income, as of Dec 2024, the value is 112.00 Cr.. The value appears strong and on an upward trend. It has increased from 39.00 Cr. (Sep 2024) to 112.00 Cr., marking an increase of 73.00 Cr..
For Depreciation, as of Dec 2024, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 0.00 Cr..
For Profit before tax, as of Dec 2024, the value is -282.00 Cr.. The value appears to be declining and may need further review. It has decreased from -255.00 Cr. (Sep 2024) to -282.00 Cr., marking a decrease of 27.00 Cr..
For Tax %, as of Dec 2024, the value is -25.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded -25.00%.
For Net Profit, as of Dec 2024, the value is -211.00 Cr.. The value appears to be declining and may need further review. It has decreased from -190.00 Cr. (Sep 2024) to -211.00 Cr., marking a decrease of 21.00 Cr..
For EPS in Rs, as of Dec 2024, the value is -4.09. The value appears to be declining and may need further review. It has decreased from -3.69 (Sep 2024) to -4.09, marking a decrease of 0.40.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 1:12 pm

Metric	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Revenue	1,032	1,413	1,641	1,940	2,854	3,818	3,971
Interest	458	621	720	793	1,017	1,449	1,764
Expenses	538	646	879	1,248	1,676	2,190	3,016
Financing Profit	35	146	43	-101	160	180	-809
Financing Margin %	3%	10%	3%	-5%	6%	5%	-20%
Other Income	109	133	127	208	288	442	416
Depreciation	17	23	29	33	42	51	0
Profit before tax	127	256	141	74	406	570	-394
Tax %	29%	26%	25%	26%	26%	25%
Net Profit	90	190	105	55	302	426	-295
EPS in Rs	2.11	4.45	2.34	1.22	6.73	8.27	-5.72
Dividend Payout %	0%	0%	0%	0%	0%	8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	111.11%	-44.74%	-47.62%	449.09%	41.06%
Change in YoY Net Profit Growth (%)	0.00%	-155.85%	-2.88%	496.71%	-408.03%

ESAF Small Finance Bank Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2019-2020 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	30%
3 Years:	33%
TTM:	11%

Compounded Profit Growth
10 Years:	%
5 Years:	36%
3 Years:	59%
TTM:	-149%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	%
1 Year:	-55%

Return on Equity
10 Years:	%
5 Years:	15%
3 Years:	16%
Last Year:	20%

Last Updated: Unknown

Balance Sheet

Last Updated: March 14, 2025, 1:49 pm

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	428	428	449	449	449	515	515
Reserves	466	656	903	962	1,266	1,977	1,818
Deposits	4,317	7,028	8,999	12,815	14,666	19,868	21,614
Borrowings	1,702	1,203	1,694	2,953	3,354	3,223	2,141
Other Liabilities	4,462	7,183	9,293	13,343	15,154	20,373	22,172
Total Liabilities	7,058	9,470	12,339	17,708	20,224	26,087	26,646
Fixed Assets	86	116	133	159	188	205	218
CWIP	4	4	6	0	0	3	0
Investments	1,531	1,734	1,932	4,070	4,889	5,541	5,916
Other Assets	5,438	7,616	10,268	13,478	15,147	20,338	20,512
Total Assets	7,058	9,470	12,339	17,708	20,224	26,087	26,646

Below is a detailed analysis of the balance sheet data for ESAF Small Finance Bank Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹515.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 515.00 Cr..
For Reserves, as of Sep 2024, the value is ₹1,818.00 Cr.. The value appears to be declining and may need further review. It has decreased from 1,977.00 Cr. (Mar 2024) to ₹1,818.00 Cr., marking a decrease of 159.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹2,141.00 Cr.. The value appears to be improving (decreasing). However, Borrowings exceed Reserves, which may signal higher financial risk. It has decreased from 3,223.00 Cr. (Mar 2024) to ₹2,141.00 Cr., marking a decrease of 1,082.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹22,172.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 20,373.00 Cr. (Mar 2024) to ₹22,172.00 Cr., marking an increase of 1,799.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹26,646.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 26,087.00 Cr. (Mar 2024) to ₹26,646.00 Cr., marking an increase of 559.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹218.00 Cr.. The value appears strong and on an upward trend. It has increased from 205.00 Cr. (Mar 2024) to ₹218.00 Cr., marking an increase of 13.00 Cr..
For CWIP, as of Sep 2024, the value is ₹0.00 Cr.. The value appears to be declining and may need further review. It has decreased from 3.00 Cr. (Mar 2024) to ₹0.00 Cr., marking a decrease of 3.00 Cr..
For Investments, as of Sep 2024, the value is ₹5,916.00 Cr.. The value appears strong and on an upward trend. It has increased from 5,541.00 Cr. (Mar 2024) to ₹5,916.00 Cr., marking an increase of 375.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹20,512.00 Cr.. The value appears strong and on an upward trend. It has increased from 20,338.00 Cr. (Mar 2024) to ₹20,512.00 Cr., marking an increase of 174.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹26,646.00 Cr.. The value appears strong and on an upward trend. It has increased from 26,087.00 Cr. (Mar 2024) to ₹26,646.00 Cr., marking an increase of 559.00 Cr..

However, the Borrowings (2,141.00 Cr.) are higher than the Reserves (₹1,818.00 Cr.), which may signal higher financial risk.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

No data available for this post.

Free Cash Flow

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	534.00	639.00	871.00	-11.00	-13.00	-17.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
ROE %		19%	9%	4%	19%	20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2023	Mar 2024	Jun 2024
Promoters	63.39%	63.39%	63.39%
FIIs	1.16%	0.81%	0.12%
DIIs	10.98%	10.26%	8.90%
Public	24.48%	25.53%	27.57%
No. of Shareholders	94,713	1,02,124	1,07,413

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Motilal Oswal Nifty Microcap 250 Index Fund	142,909	0.05	0.74	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
Face Value	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	8.96	6.73	1.22	2.46	4.45
Diluted EPS (Rs.)	8.94	6.71	1.22	2.46	4.45
Cash EPS (Rs.)	9.26	7.66	1.95	2.98	4.99
Book Value[Excl.RevalReserv]/Share (Rs.)	48.41	38.16	31.41	30.08	25.34
Book Value[Incl.RevalReserv]/Share (Rs.)	48.41	38.16	31.41	30.08	25.34
Operating Revenue / Share (Rs.)	74.17	63.49	43.16	36.51	33.03
Net Profit / Share (Rs.)	8.27	6.73	1.22	2.34	4.45
Interest Income / Employee (Rs.)	6399240.49	5668770.36	4684678.82	4315469.37	4235076.42
Net Profit / Employee (Rs.)	713202.11	600582.04	132170.49	277139.10	570542.40
Business / Employee (Rs.)	63953268.31	56793714.74	59048725.67	45140709.97	40683859.75
Interest Income / Branch (Rs.)	50709519.26	40766557.14	33737834.78	29839509.09	31128744.49
Net Profit / Branches (Rs.)	5651629.48	4319042.86	951857.39	1916290.91	4193612.33
Business / Branches (Rs.)	506785062.42	408427942.86	425253518.26	312127490.91	299035330.40
Net Profit Margin (%)	11.14	10.59	2.82	6.42	13.47
Operating Profit Margin (%)	-0.42	0.50	-7.87	-1.26	4.04
Return On Assets (%)	1.63	1.49	0.30	0.85	2.01
Return On Equity / Networth (%)	17.07	17.62	3.87	7.79	17.56
Net Interest Margin (X)	9.08	9.08	6.47	7.46	8.36
Cost To Income (%)	58.64	57.92	63.69	60.30	64.91
Interest Income / Total Assets (%)	14.63	14.11	10.95	13.30	14.92
Non-Interest Income / Total Assets (%)	1.69	1.42	1.17	1.02	1.40
Operating Profit / Total Assets (%)	-0.06	0.07	-0.86	-0.16	0.60
Operating Expenses / Total Assets (%)	6.32	6.08	4.87	5.12	6.34
Interest Expenses / Total Assets (%)	5.55	5.03	4.47	5.83	6.55
Enterprise Value (Rs.Cr.)	24515.80	0.00	0.00	0.00	0.00
EV Per Net Sales (X)	6.42	0.00	0.00	0.00	0.00
Price To Book Value (X)	1.12	0.00	0.00	0.00	0.00
Price To Sales (X)	0.73	0.00	0.00	0.00	0.00
Retention Ratios (%)	100.00	100.00	100.00	100.00	100.00
Earnings Yield (X)	0.15	0.00	0.00	0.00	0.00

After reviewing the key financial ratios for ESAF Small Finance Bank Ltd, here is a detailed analysis based on the latest available data and recent trends:

For Basic EPS (Rs.), as of Mar 24, the value is 8.96. This value is within the healthy range. It has increased from 6.73 (Mar 23) to 8.96, marking an increase of 2.23.
For Diluted EPS (Rs.), as of Mar 24, the value is 8.94. This value is within the healthy range. It has increased from 6.71 (Mar 23) to 8.94, marking an increase of 2.23.
For Cash EPS (Rs.), as of Mar 24, the value is 9.26. This value is within the healthy range. It has increased from 7.66 (Mar 23) to 9.26, marking an increase of 1.60.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 48.41. It has increased from 38.16 (Mar 23) to 48.41, marking an increase of 10.25.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 48.41. It has increased from 38.16 (Mar 23) to 48.41, marking an increase of 10.25.
For Net Profit / Share (Rs.), as of Mar 24, the value is 8.27. This value is within the healthy range. It has increased from 6.73 (Mar 23) to 8.27, marking an increase of 1.54.
For Net Profit Margin (%), as of Mar 24, the value is 11.14. This value exceeds the healthy maximum of 10. It has increased from 10.59 (Mar 23) to 11.14, marking an increase of 0.55.
For Return On Assets (%), as of Mar 24, the value is 1.63. This value is below the healthy minimum of 5. It has increased from 1.49 (Mar 23) to 1.63, marking an increase of 0.14.
For Retention Ratios (%), as of Mar 24, the value is 100.00. This value exceeds the healthy maximum of 70. There is no change compared to the previous period (Mar 23) which recorded 100.00.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of ESAF Small Finance Bank Ltd as of April 13, 2025 is: 112.64

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of April 13, 2025, ESAF Small Finance Bank Ltd is Undervalued by 315.65% compared to the current share price 27.10

Default values used*: Default value of 15 for Stock P/E is used

Intrinsic Value of ESAF Small Finance Bank Ltd as of April 13, 2025 is: 72.49

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of April 13, 2025, ESAF Small Finance Bank Ltd is Undervalued by 167.49% compared to the current share price 27.10

Default values used*: Default value of 15 for Stock P/E is used

Last 5 Year EPS CAGR: -35.65%

*Investments are subject to market risks

Strength and Weakness

Unable to fetch valid data for stock valuation.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in ESAF Small Finance Bank Ltd:
1. Net Profit Margin: 11.14%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 0% (Industry Average ROCE: 8.91%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 0% (Industry Average ROE: 20.2%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 0
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 0 (Industry average Stock P/E: 0)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

ESAF Small Finance Bank Ltd. is a Public Limited Listed company incorporated on 05/05/2016 and has its registered office in the State of Kerala, India. Company's Corporate Identification Number(CIN) is U65990KL2016PLC045669 and registration number is 045669. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 3818.43 Cr. and Equity Capital is Rs. 514.78 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Finance - Banks - Private Sector	Building No.VII/83/8, Thrissur/Trichur Kerala 680651	investor.relations@esafbank.com http://www.esafbank.com

Management
Name	Position Held
Mr. Ravimohan Periyakavil Ramakrishnan	Non Exe. Ind. Part Time Chairman
Mr. Kadambelil Paul Thomas	Managing Director & CEO
Dr. Joseph Vadakkekara Antony	Non Executive Director
Ms. Kolasseril Chandramohanan Ranjani	Ind. Non-Executive Director
Mr. Biju Varkkey	Ind. Non-Executive Director
Mr. Ravi Venkatraman	Ind. Non-Executive Director
Mr. Vinod Vijayalekshmi Vasudevan	Ind. Non-Executive Director
Mr. Thomas Jacob Kalappila	Ind. Non-Executive Director
Mr. John Samuel	Non Exe. & Nominee Director
Mr. Ajayan Mangalath Gopalakrishnan Nair	Non Exe. & Nominee Director

FAQ

What is the intrinsic value of ESAF Small Finance Bank Ltd?

ESAF Small Finance Bank Ltd's intrinsic value (as of 13 April 2025) is ₹112.64 — 315.65% higher the current market price of 27.10, indicating undervalued. Calculated using the PE ratio method, this valuation considers the company's 1,393 Cr. market cap, FY2025-2026 high/low of ₹64.5/24.3, reserves of 1,818 Cr, and liabilities of 26,646 Cr.

What is the Market Cap of ESAF Small Finance Bank Ltd?

The Market Cap of ESAF Small Finance Bank Ltd is 1,393 Cr..

What is the current Stock Price of ESAF Small Finance Bank Ltd as on 13 April 2025?

The current stock price of ESAF Small Finance Bank Ltd as on 13 April 2025 is 27.1.

What is the High / Low of ESAF Small Finance Bank Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of ESAF Small Finance Bank Ltd stocks is ₹64.5/24.3.

What is the Stock P/E of ESAF Small Finance Bank Ltd?

The Stock P/E of ESAF Small Finance Bank Ltd is .

What is the Book Value of ESAF Small Finance Bank Ltd?

The Book Value of ESAF Small Finance Bank Ltd is 45.3.

What is the Dividend Yield of ESAF Small Finance Bank Ltd?

The Dividend Yield of ESAF Small Finance Bank Ltd is 2.58 %.

What is the ROCE of ESAF Small Finance Bank Ltd?

The ROCE of ESAF Small Finance Bank Ltd is 8.91 %.

What is the ROE of ESAF Small Finance Bank Ltd?

The ROE of ESAF Small Finance Bank Ltd is 20.2 %.

What is the Face Value of ESAF Small Finance Bank Ltd?

The Face Value of ESAF Small Finance Bank Ltd is 10.0.